RIYADH: SEDCO Capital, a Saudi-licenced asset manager, has announced the acquisition of seven real estate assets worth SR473 million ($126 million) since the inception of the SEDCO Capital Real Estate Income Fund II. The Shariah-compliant, close-ended investment fund aims to invests in income generating real estate assets in the main cities of Saudi Arabia, it said in a statement.
Assets bought so far include a Hyper Panda store in Dammam as well as the adjacent land used for parking, Olya School in Riyadh, Dar Al Baraa School in Riyadh, an Extra Store in Dammam, Alhamra Plaza retail strip outlet in Riyadh and Irgah Plaza retail strip outlet in Riyadh. In total, the acquisitions are spread over 88,000 square metres of built up area across Riyadh and Dammam. SEDCO Capital’s real estate portfolio in Saudi Arabia has grown to include 15 assets under SEDCO Capital’s two funds with a portfolio value exceeding SR1.1 billion.
Sherif Selim, Head of MENA Real Estate at SEDCO Capital said: “We have a healthy pipeline of assets that are either defensive by nature or structured defensively and we look forward to the deals we will close in the last three months of the year. “We have identified the Saudi real estate market in particular, as an attractive asset class for investors and our dedicated team offers funds, separate accounts and syndicated transactions across the full spectrum of real estate strategies.”
